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: International Market Research at Mayo Clinic - Case Study Example

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Summary
Recognizing the significance of International business in the growth of small businesses, our business has to decide on an expansion strategy that would ensure we maintain the market base. Maintaining the market significantly maintains the bottom line profits which significantly…
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: International Market Research at Mayo Clinic

Download file to see previous pages... The two are the best indicators of whether our company maintains competitiveness in the markets or not (Orsino, 1994). The management team should display explicit expertise to cope with the expansion, in case of expansion within the same physical location where hiring of new employees is uneconomical. We will therefore undertake to appraise the proficiency of the management team to ensure that the growth does not outpace the quality of available labor.
The business shall undertake to evaluate the potential impediments to its intended growth. We shall explicitly explore various means of leveraging the associated risks. For instance, we shall license the business in order to minimize the risks associated with having to establish an original company and designing brand new products. In order to expand our business, we will undertake to assess possibility of collaborations with other firms that already offer similar products and services as our own business products own in other regions. This will foster healthy competition between our firm and provide us with a competitive advantage over non-partners since the market price will be collaboratively determined. Prior to establishment of such partnership, our business will assess the legal implication of such collaboration. The contract between our company and the partner will be legally sealed. This will help maintain intellectual property right to minimize the risk of losing control of our company’s products. The company will engage in product diversification to allow multiple streams of income that will fill seasonal gaps in revenue and increase sales and profit margins (Orsino, 1994). Expansion of the market base implies that the business will explore new markets .Exploration of fresh markets takes into account market characteristics ranging from age, taste and preferences and the general market size. The business will have to initiate an inventory of the previous performance to establish its ...Download file to see next pagesRead More
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